Wednesday, December 04, 2013
Smartpay is pleased to announce the appointment of Ben Stevens to the position of Chief Financial Officer effective 4 December 2013.
Ben is a Chartered Accountant and is a member of the New Zealand Institute of Chartered Accountants. Ben holds an Executive MBA with distinction from Warwick Business School (UK).
Prior to joining Smartpay Ben was a Director at PriceWaterhouseCoopers in New Zealand. Ben has held a number of senior finance and governance roles including Vice President of Internal Audit for Central Media Enterprises, a NASDAQ listed broadcaster with operations in Central and Eastern Europe, and Director of Internal Controls at Warner Music International's head office in London.
Managing Director, Bradley Gerdis, said "Ben brings a significant level of financial experience into Smartpay. From his background in media and technology businesses we expect Ben will make a significant contribution to the execution of our growth strategy."
Thursday, November 28, 2013
Smartpay Achieves Milestone Financial Result With Maiden Net Profit For Six Months To 30 September 2013
Recently listed on the Australian Securities Exchange, Smartpay Holdings Ltd today announced its maiden half year profit for the six months ended 30 September 2013.
Six Month Financial Highlights
Managing Director, Bradley Gerdis, said "This is a milestone result for Smartpay as the company became profitable for the first time, with net profit of $884,000 for the six months to September 30, 2013."
"This achievement reflects the culmination of the positive changes made in the business and is clear evidence that the business is now in a position of adding value to our shareholders," said Mr Gerdis.
Revenue of $11.31m was in-line with directors' expectations for the half year, with normalised EBITDA reaching $4.72m.
The reported EBITDA of $4.95m included a one-off accounting benefit relating to the reversal of an over accrual for communication costs of $345k and non-recurring costs totalling $118k which includes ASX listing costs.
The strong improvement in Net Profit After Tax to $884k was negatively impacted by $720k of foreign currency exchange differences due to the weakening of the Australian Dollar against the New Zealand Dollar.
The management of the business was largely occupied with implementing a program of operational efficiencies across the business following the integration of the recently acquired Viaduct business, as well as gearing up our Australian operations to take advantage of the strong growth opportunity into that market. The outcome of these efforts has resulted in significant improvements and efficiencies in Smartpay's NZ operations and an increase in our Australian sales capacity. Over the last 3 months our Australian merchant terminal sales have shown strong month-on-month growth. We expect continued growth in this part of our business will make a material contribution to the bottom line going forward.
We have also continued to invest time and resources in the technology and product side of our business.
Some technology and product highlights during the period under review include:
Mr Gerdis concluded, "While the half year result is pleasing in itself, of greater importance is the progress being made across the key areas of operations - covering technology, product and Australian sales. In particular the importance of our mobile strategy should not be understated as we move the business from a pure terminal focus to an increasingly mobile payments focus which we are already seeing as a lead in to the next level of pure electronic payments. This together with the traction we are building in Australian sales and the increasing efficiencies in or core business all contribute to an increasingly positive outlook for the business into next year and beyond."
Wednesday, September 04, 2013
Smartpay, a leading provider of payments and transactional solutions in New Zealand and Australia, has been advised by the Australian Securities Exchange, that it has been admitted to the Official List of the ASX.
We are delighted to announce that the ASX has accepted our application for admission to the Official List. Trading of Smartpay shares on the ASX will be commence on 4 September 2013 at 11am under the ASX code "SMP". The code for trading in Smartpay shares on the NZX remains "SPY".
Attached are the documents released to the ASX today as part of their listing requirements.
Smartpay's share registrars continue to be Computershare, their contact details in each country are:
Computershare Investor Services Limited
Private Bag 92119 Auckland 1142
Level 2, 159 Hurstmere Road, Takapuna, North Shore City, Auckland
P: + 64 488 8700
F: + 64 9 488 8787
Computershare Investor Services Pty Limited
GPO Box 3329, Melbourne VIC 3001
Freephone: 1800 501 366
F: +61 3 9473 2500
Shareholders will be able to trade their shares on either the NZX or the ASX. In order to trade on either exchange your shares will need to be registered on the share register for that particular jurisdiction.
Currently all shareholders are on Smartpay's NZ Share Register and are therefore able to trade their shares on the NZX. We will be writing to all shareholders inviting them to transfer to the Australian register should they prefer and will provide a form to complete and return. The attached form can be used for this purpose and returned to Computershare at either of the above addresses.
Monday, August 26, 2013
Smartpay is pleased to announce that as part of its ASX listing process the ASX has released the attached Information Memorandum through its announcements platform under the ASX code "SMP". The code for trading in Smartpay shares on the NZX will remain "SPY".
Smartpay is not undertaking any capital raising as part of the ASX listing process and has no current plans to do so.
The ASX has not yet informed Smartpay of the date of official quotation of its securities on the ASX however Smartpay expects to be informed of this date imminently and will make an announcement in due course.
Tuesday, June 04, 2013
Smartpay annouces 31 March 2013 preliminary full year results
Smartpay a leading provider of payments and transactional solutions in New Zealand and Australia, today announced its preliminary unaudited financial results for the year ended 31 March 2013. The strong improvement in financial performance only reflects a partial benefit of the positive changes made over the period as both the restructure of the business and a major acquisition occurred mid period. The current business is performing at a significantly higher level than reflected over the past 12 months.
The full year result has revenue of $17.0m (previous period restated: $16.5m); EBITDA* of $5.1m (previous period restated: $2.0m loss) and a Net Loss After Tax of $5.9m (previous period previous restated: $12.7m loss).
The strong improvement in financial performance only reflects a partial benefit of the following positive changes made during the period:
The results also reflect substantial one-off restructuring, acquisition and capital raising costs.
With the benefit of these changes now fully realised, the business is currently performing at a significantly higher level with current revenue in the order of $22.2m and EBITDA* in the order of $9.4m on an annualised run-rate basis.
Managing Director, Bradley Gerdis, said "We are extremely pleased with the progress made in the business over the past year. In addition to the complete restructure and turnaround of the business from loss making to generating significant positive operating profit and cash flow, we also completed and integrated a major acquisition to cement our position as the leading EFTPOS business in New Zealand."
"With the business now on a solid footing we have also been able to turn our focus to investing in our Australian business which represents a large organic growth opportunity. We have begun to invest in our sales resources and have identified a number of sales channels which we are actively pursuing. While our Australian business is still in the early growth phase, I am pleased to report that we are making positive progress."
Mr Gerdis concluded "overall we have made outstanding progress in executing on our strategy over the past financial year and the business is exactly where we had hoped it would be."
One of the key changes made during the period is the way in which the company recognises and reports revenue. In previous financial years the methodology was to recognise the majority of the revenue from EFTPOS terminal rental contracts up front in the period in which the contracts were signed - this was accounting as a finance lease transaction.
It has subsequently been determined that the correct treatment of 95% of the rental contracts (by annual revenue) is that of operating leases. These results are therefore represented on this basis with the previous period's results restated accordingly for comparison purposes.
The effect of this accounting treatment is to account for revenue evenly over the term of the rental contracts reflecting the timing of the services performed.
After having had to delay our ASX listing due to the Viaduct acquisition and the resultant capital raising, the process to list on the ASX is nearing completion. As the time frame required by the ASX for a compliance listing post the Viaduct capital raising took us beyond our financial year end, the ASX then required the most recent audited results to be included in the listing document. With our final audited results due to be released by the end of June, we expect the ASX listing to follow shortly thereafter in early to mid July.
The past financial year has been transformational for our business. Some of the key achievements during the period include:
With these positive changes now complete we have taken the opportunity to re-invest in the business for our next growth phase. This has included adding additional capacity in both our New Zealand and Australian businesses to enable us to target revenue growth from both increases in terminal numbers and the promotion of our suite of value add merchant solutions.
Mr Gerdis said, "We have made substantial progress over the past year in putting the foundations in place from which to grow. With these processes now substantially complete and with the business well capitalised, we expect the business to deliver positive growth in profit and EPS in the current financial year."
Monday, March 04, 2013
Smartpay a leading provider of payments and transactional solutions in New Zealand and Australia, today announced two changes to its Board.
After working as a consultant to Smartpay from July 2009 and subsequently being appointed a Director in December 2010, John will step down effective 31 March 2013.
During his time with the Company, Smartpay underwent a significant transformation including the appointment of new management, the recapitalisation of the business and the completion of the Viaduct acquisition. With this transformation now complete and with the ASX listing in progress John will step down as a Director at the end of the financial year to enable new Board appoints to be made. John will act as a Consultant to Smartpay to support the end of year accounting and audit process through to audit completion.
Chairman of Smartpay, Ivan Hammerschlag, said "We thank John for his commitment and contribution to Smartpay during his time with the Company. We are grateful for his continued support and wish him well in his future endeavours."
Matthew Turnbull is a Chartered Accountant and is a member of the New Zealand Institute of Chartered Accountants. He commenced his career with a big four accounting firm and has over 20 years experience providing accounting and corporate advisory services to a wide range of clients.
Matthew has a detailed understanding of Smartpay's business having assisted in the company's recent recapitalisation and restructure and the recent acquisition of Viaduct Limited. Matthew will Chair the Audit and Finance Committee and brings to Smartpay strong accounting and financial skills and experience. The board has determined that Matthew is an independent director for the purposes of the listing rules.
Mr Hammerschlag added "We are extremely pleased to welcome Matthew onto the Board. We believe his skills and experience will add significant value to Smartpay as we continue to execute our growth strategy".
Wednesday, January 23, 2013
Smartpay a leading provider of payments and transactional solutions in New Zealand and Australia, today announced that it has completed the acquisition of the business and assets of Viaduct Limited, a leading provider of EFTPOS terminals and solutions in New Zealand.
Viaduct operates a large well established EFTPOS terminal fleet and is one of the largest EFTPOS providers in New Zealand. The company was founded eight years ago by its two Directors and majority shareholders Mark Unwin and Marty Pomeroy.
Following completion of the acquisition Marty Pomeroy and Mark Unwin have joined Smartpay in senior executive roles responsible for the ongoing management and development of Smartpay's New Zealand EFTPOS business.
Managing Director of Smartpay, Bradley Gerdis, commented "With this acquisition now complete Smartpay kicks off the New Year with a leading market position as New Zealand's largest EFTPOS business. The increased scale of the combined business combined with our recently introduced next generation payments technologies positions us well to execute our strategy of delivering innovative and competitive payments services through our growing retail footprint across New Zealand and Australia."